Wealth Preservation
Wealth Preservation Lawyer in Phoenix, Arizona.
Even when you work hard, protecting your assets isn’t always easy. No matter how much wealth you create, there’s always something (or someone) ready to deplete it. But that’s just life, right?
Not necessarily.
In reality, there are myriad ways to effectively protect and grow your wealth, even amid life’s little surprises. However, unless you’re working with an experienced asset protection attorney, it’s unlikely you know what they are. Luckily, that’s about to change.
At Copper State Planning- Home, we believe that people deserve the tools to protect their hard-earned money from potential misfortunes and oversights. If you’ve accumulated significant wealth over your lifetime, you can bet there are a million ways to lose it. We’re here to make sure that doesn’t happen.
After a thorough analysis of your finances, we’ll create a comprehensive asset protection plan that addresses your estate, your business and your legacy. Keep reading to learn more about our asset protection strategies and why our law firm is your best bet for growing your wealth.
Need legal advice now? Don’t wait until it’s too late to secure your family’s financial future.
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What Is Wealth Preservation?
Any estate planning lawyer or financial advisor can tell you that if you don’t have a plan for protecting and growing your wealth, you won’t have to worry about it for long.
That’s because wealth has a way of disappearing when you don’t make a plan to increase it. Luckily, that’s what wealth preservation is all about: safeguarding your wealth for you and your family members.
In simple terms, wealth preservation is a set of strategies designed to grow your wealth and protect your legacy. It is an search -asset protection plan that helps wealthy individuals not only protect their current holdings, but also find ways to increase the value of those assets.
As you can imagine, wealth preservation is no easy feat. It requires assistance from an experienced estate planning professional with extensive knowledge of business law and financial practices. Fortunately, our asset protection attorneys are up to the task.
Protection for Personal Wealth
Before you can increase your wealth, you need to be able to secure what you already have, which is exactly what estate planning concerns itself with. Asset protection is all about analyzing the vulnerabilities in your finances and finding the legal mechanisms to repair them.
Creating Wills and Trusts
One of the most important aspects of protecting your personal wealth is finding the best way to pass it to future generations. Although owners of modest estates may only need a will to accomplish their financial goals, owners of large estates typically require a more complex approach, including the implementation of trusts.
Trusts are a type of estate planning tool that come in a variety of forms and offer significant financial advantages. In contrast to wills, trusts are not subject to the probate process—a potentially lengthy and costly legal proceeding. With proper trust administration, you may even be able to circumvent estate taxes and ease the tax burden of your estate’s beneficiaries.
Guarding Against Creditors & Lawsuits
In addition to helping you avoid probate and decreasing your tax liability, a Phoenix trust attorney can help you establish a trust to protect your estate against claims from creditors and lawsuits. It’s essential to note that trusts are not a tool for tax evasion or similar actions; rather, they offer a legal, effective strategy for asset protection.
Fiduciary Appointments
A solid estate plan involves more than structuring your finances in an advantageous way; it’s also about planning for the unexpected. An essential part of preparing for the future is appointing the right people to carry out your wishes. Whether you need to appoint a trustee, an executor, powers of attorney, guardianships or all of the above, our experts can help.
Tax Planning
One of the biggest hurdles that high-net-worth individuals must overcome to create a comprehensive estate plan is tax planning. And before you ask—no, it’s not enough to have a CPA. That’s because navigating tax issues in high income brackets requires a higher degree of care and estate law expertise. Whether you need help navigating tax laws or income taxes, filing individual taxes or business taxes resolving IRS issues, we’re here to help.
Protection for Your Business
Business owners know the value of a profitable company, that it’s a means to provide for their loved ones for years to come. However, it can become a major financial liability if they fail to include it in their wealth management strategy. Two of the most important considerations involve business formation and succession.
Business Formation
Did you know that choosing the appropriate entity structure for your business can make it more valuable? Each business structure, from LLPs to partnerships to family businesses come with their own benefits and drawbacks. It’s essential to anticipate a business’ growth potential and what it may be worth in the future. Although time-consuming, doing due diligence now is much easier than reorganizing your business later down the road.
Business Succession Planning
Just because your company is successful doesn’t mean it will be tomorrow. This is especially true if you fail to prepare for the unexpected. A business succession planning attorney can help you anticipate potential vacancies in upper management and ensure the next generation of employees can keep the company running smoothly.
Our Asset Protection Attorneys
Can Help Secure Your Legacy
There’s no one tool or technique that will protect all of your assets. To truly secure your financial future and maintain your private wealth, you need to do a comprehensive analysis of all of your assets and liabilities, as well as the most advantageous method for transferring wealth to your heirs. Luckily, you don’t have to tackle it alone.
By partnering with the asset protection lawyers at Copper State Planning, you’ll gain access to all of our estate planning tools and strategies. After carefully considering your financial goals and situation, we’ll lay out the map to get you there.
Ready to join forces with some of the best lawyers for wealth preservation in Phoenix? Our practice group is adept at handling the special needs of high-income clients. Getting started is as simple as contacting us online or calling our office at (602) 607-3350.
FAQs
What is wealth preservation?
Wealth preservation involves strategies designed to protect your existing assets from erosion due to taxes, inflation, market volatility, lawsuits, and unforeseen life events. It focuses on maintaining the value of what you have earned to ensure financial security for yourself and your beneficiaries.
How is wealth preservation different from wealth creation?
While wealth creation focuses on accumulating assets and generating high returns (often taking higher risks), wealth preservation prioritizes minimizing risk and preventing loss. The goal shifts from aggressive growth to safeguarding the principal you have already built.
What are the most effective wealth preservation strategies for individuals?
Effective strategies include establishing trusts, diversifying investments, implementing tax-efficient estate planning, securing adequate insurance coverage, and utilizing legal entities like LLCs. A comprehensive plan combines these tools to create a barrier against potential financial threats.
How do trusts help protect my wealth?
Trusts separate legal ownership from beneficial use, which can shield assets from creditors, lawsuits, and divorce settlements depending on the type of trust used. While a standard Revocable Living Trust does not protect against your own creditors, specialized Irrevocable Trusts can shield assets effectively. They also allow you to control how and when your wealth is distributed to heirs, preventing squandering.
What are the first steps to preserving family assets?
The first steps are to take a comprehensive inventory of your assets and liabilities, followed by consulting with an estate planning attorney to identify potential risks. From there, you can draft essential documents like a will, trust, and powers of attorney to legally secure those assets.
Can tax planning really help protect my assets?
Yes, strategic tax planning is crucial for wealth preservation as it minimizes the amount of your estate lost to income, capital gains, and estate taxes. Strategies such as gifting strategies, charitable trusts, and preserving the step-up in basis can significantly preserve the value passed to your heirs.
What legal tools are available for wealth protection?
Common legal tools include Irrevocable Trusts, Limited Liability Companies (LLCs), Family Limited Partnerships (FLPs), and Homestead exemptions. These structures place assets out of the easy reach of personal creditors and potential litigants.
Why is diversification important for risk management?
Diversification spreads your investments across different asset classes, industries, and geographic regions to reduce the impact of a single failing investment. It is a fundamental risk management tool that smooths out volatility and protects your portfolio from catastrophic loss.
How does avoiding probate protect my inheritance?
Avoiding probate keeps your estate settlement private, whereas probate is a public court process that exposes your assets and beneficiaries to public record. By bypassing probate through trusts or beneficiary designations, you also save your estate from expensive court fees and long delays.
What are the basics of estate planning for wealth preservation?
Basic estate planning for preservation involves creating a Will to name guardians and executors, a Living Trust to manage assets, and Powers of Attorney for financial and healthcare decisions. These documents ensure your wealth is managed according to your wishes if you become incapacitated or pass away.
Is insurance considered part of a wealth preservation plan?
Absolutely. Insurance products like umbrella liability policies, life insurance, and long-term care insurance transfer the financial risk of major events to an insurance company. This prevents you from having to liquidate your personal assets to pay for lawsuits or medical care.
Can I protect my assets if I am already being sued?
It is very difficult to protect assets once a lawsuit or claim has arisen due to “fraudulent transfer” laws. Wealth preservation planning must be proactive; the legal structures must be in place before a liability arises to be effective.
How do I protect my business assets from personal liabilities?
Separating personal and business assets is key; this is often done by forming corporations or LLCs. This “corporate veil” ensures that your personal wealth is generally protected from business lawsuits, and conversely, your business may receive some protections from your personal creditors.
How often should I review my wealth preservation plan?
You should review your plan every three to five years, or immediately following major life events such as marriage, divorce, the birth of a child, or significant changes in tax laws. Regular updates ensure your strategies remain effective and aligned with your current goals.
How can Copper State Planning assist with wealth preservation?
Copper State Planning specializes in creating tailored asset protection strategies that align with Arizona laws and federal regulations. We assess your specific financial situation to build a robust plan that secures your legacy and provides peace of mind for you and your family.
Let’s Talk
I’m sure you have a lot of questions. And we’re here to answer them. Just give us a call or fill out the form to the right and we’ll call you.
4435 E Chandler Blvd #200 Phoenix, AZ 85048
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